SINGAPORE: ThaiBev's TCC gives Fraser & Neave until 2 January over deal
The battle for F&N looks set to continue into the New Year
ThaiBev-controlled TCC Assets has extended its offer deadline for Fraser & Neave for a third time.
The British Virgin Islands-registered TCC, owned by Thai billionaire Charoen Sirivadhanabhakdi, said today (11 December) that the closing date for its mandatory conditonal cash offer has been extended to 2 January. The previous deadline for the SGD8.88-per-share offer, totalling SGD9bn (US$7.36bn), was today.
Prior to that, an extension had been granted to its first offer in September.
Sirivadhanabhakdi, who holds a 35% stake in conglomerate F&N, is facing a battle with Singapore-based property group Overseas Union Enterprise (OUE) for F&N. Last month, OUE submitted a SGD13.1bn (US$10.7bn) cash offer for full control of F&N, topping TCC's bid. The deadline for the OUE bid is 3 January.
If the OUE bid is successful, Kirin Holdings has agreed to acquire F&N's food & beverage business for SGD2.7bn.
Heineken, meanwhile, has escaped the impact of the latest bidding war after last month completing its acquisition of F&N's stake in Tiger brewer Asia Pacific Breweries.
Heineken is making efforts to improve its business in the key US market and support sluggish consumption through product innovation, including Indio in June 2012 and Amstel Wheat and Tecate Michelada ...
How can the wine industry shake-off its navel-gazing, elitist image? Embrace the unusual and the revolutionary, argues Chris Losh ...
This month, Tom Vierhile from Datamonitor considers the recent swathe of NPD in the shandy - or radler - sub-category....
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